March 11, 2020

The Worst Is Probably Over

Monday’s market downturn was a bit breathtaking. First we had a stock market that was overdue for a pullback. Then the coronavirus hit, harming the Chinese economy, which in turn harms every business that sells products and services in China and manufactures products in China. Then the coronavirus began spreading around the world, at which time the U.S. media had a field day: “Hurray! Now we have another crisis that we can shove down people’s throats ad nauseum until another crisis gets top billing!”

As if all that weren’t enough, Saudi Arabia decided that China wasn’t buying enough oil during their season of quarantine, so Saudi Arabia decided to lower their oil prices in order to entice China to buy their oil, hopefully pushing aside the competition. Well, that decision did not sit well with the competition – namely Russia – so Russia promptly started a price war to defend their territory.

The U.S. stock market found itself in the boxing ring with Muhammed Ali, who quickly scored a knockout.

The good news is that boxers don’t usually die, and instead they stand up and keep fighting. We’re at the stage of this market correction where we’ve probably seen the last of the precipitous declines, and will likely see some erratic up-and-down action for a while.

I didn’t receive any panicked emails from investors; nor any from investors who may have decided that the stock market is no longer a viable place to grow their assets. Instead, I mostly received emails from people who are wondering, “Is it time to buy low?”

If you have very little cash with which to buy low, take your time. Almost all stocks are on sale. Find a few that you’d love to own and buy them one at a time in the coming weeks. There’s no hurry. The stock market is not going to rebound in March. It certainly might rise a bit, but there are still pullbacks on the horizon before the full recovery, which won’t likely happen until much later in 2020.

If you have lots of cash with which to buy low, go ahead and start buying, a little at a time. There are likely many weeks of volatility in front of us, and surprising opportunities might pop up.

THE BEST TYPES OF STOCKS TO BUY AT THIS MARKET BOTTOM

Try to resist the impulse to “catch a falling knife”. If you look at a six-month price chart on a stock, and that stock just fell to a six-month low, it’s not going to rebound quickly. It might bounce upward here and there, but it’s going to bounce right back down to the current low, while it works its way out of this funk. That’s simply the way stocks move. The stocks that fell the least are the stocks that are most likely going to recover quickest. You’ll especially find good choices among entertainment, technology and homebuilder stocks.

Dividends can add significantly to total returns. Remember when I told you to stop buying Blackstone Group (BX), and wait until it finally had a pullback? Blackstone’s trailing twelve-month dividend payout is $1.95 per share. When the stock was at its peak on February 11, the share price was $64.41 and the current yield was 3.0%. Now that BX has fallen to $48.37, the current yield is 4.0% and there’s also 33% upside as the stock eventually returns to its recent high. There are lots of stocks listed here today that are yielding 5%, 7% and more! I wouldn’t include these stocks in the portfolios if the companies were at risk of cutting their dividends. So if you’re an income investor, a market bottom is a great time to go shopping among high quality stocks that offer big current yields alongside capital gain opportunities.

If you find mid- and large-cap stocks that are extremely undervalued, remember that institutional investors are finding those as well. Those are the folks who buy enough shares to drive the share prices back up. Do you realize that General Motors (GM) and Equitable Holdings (EQH) each have price/earnings ratios that are lower than their dividend yields?! That situation is practically unheard of among high-quality companies, and it shows you just how ridiculously low these share prices have fallen. You might get a quicker share price rebound from Apple (AAPL) or Netflix (NFLX), but if low valuation is your hot button, then think about owning GM and EQH.

Oil prices are in turmoil, and share prices of energy-related companies have not finished falling. It is not time to buy low within this sector, unless you’re buying a high-dividend stocks like Total SA (TOT).

Don’t forget potential M&A opportunities! The year started with two big mergers among financial companies, as they search for ways to enhance their profits during a low-fee investment product environment. Consider Voya Financial (VOYA) and Equitable Holdings (EQH). And remember that Marathon Petroleum (MPC) has all kinds of capital gain catalysts on the horizon.

Finally, Warren Buffett has been decrying stock valuations for several years. We all know that he wants to buy a company. He has enough money to buy a major airline, but this is NOT the time to buy an airline, as they suffer through the virus-stricken travel economy. He doesn’t like tech stocks, because he doesn’t understand those industries very well. But do you know which industry Warren Buffett knows like the back of his hand? Life insurance.

I recently gave you a handful of names of undervalued growth stocks in the life insurance arena, and I will repeat them today: Athene (ATH), Brighthouse Financial (BHF), Equitable Holdings (EQH), Lincoln National (LNC) and Voya Financial (VOYA). I am not saying that I love the price charts on these companies, although the VOYA price chart is comparably okay. I’m saying that they’re very cheap growth stocks that could be highly attractive as M&A targets for bigger financial companies, including Warren Buffett’s Berkshire Hathaway (BRK).

A few portfolio management tips: Keep an eye on your sector diversification. Try not to go over a 30% allocation in any one major area, e.g. industrial, tech or financial stocks. Aim for having relatively equal dollar amounts invested in each stock, or in each sector. Spreading out your portfolio risk in this manner is always wise.

Last week’s interest rate cut by the Federal Reserve’s Open Market Committee caused increased investor interest in homebuilder and mortgage lender stocks because lower rates typically lead to an increase in homebuying activity. Consider LGI Homes (LGIH) in the Growth Portfolio, and also MDC Holdings (MDC), NMI Holdings (NMIH) and Owens Corning (OC).

Upcoming webinar — Tune in to my upcoming free webinar on March 18 at 2 PM ET, 7 Undervalued Growth Stocks with Rising Dividends for This Market. Click the link and sign up to attend! I’ll be giving investors some new ideas on dividend-paying growth stocks, and if the market’s conducive, I’ll also let you know which Movie Star Stocks seem to have the most near-term upside. (Those would be stocks like Apple and Disney and Microsoft – stocks that people love to hear about and own!)

Portfolio performance — The average annualized total return on the 108 stocks that have been bought and then sold within these portfolios from October 2015 through February 2020 has been 14.96%, with an average holding period of 10.5 months. (These returns do not include compounded growth, but they do include dividends.)

Total returns on stocks that were recently removed from the portfolios are as follows:

(The buy and sell prices reflect the average trading prices on the days that the stocks were bought and sold.)

Send questions to Crista@CabotWealth.com.

Portfolio Notes

Be sure to review the Bulletins from March 5 and 9 in which I mentioned news, rating changes and/or price action on Abercrombie & Fitch (ANF), Apple Inc. (AAPL), Designer Brands (DBI) and Netflix (NFLX).

Today’s Portfolio changes
Alexion Pharmaceuticals (ALXN)
moves from Strong Buy to Hold.
Quanta Services (PWR) moves from Buy to Hold.

Recent Portfolio changes
Amazon.com (AMZN) moved from Hold to Strong Buy.
Apple Inc. (AAPL) joined the Buy Low Opportunities Portfolio as a Strong Buy.
Designer Brands (DBI) moved from Strong Buy to Buy.
Equitable Holdings (EQH) moved from Strong Buy to Buy.
Marathon Petroleum (MPC) moved from Strong Buy to Buy.
Mercury General Group (MCY) moved from Buy to Hold.
NVIDIA (NVDA) joined the Special Situation and Movie Star Stock Portfolio as a Strong Buy.
The Mosaic Company (MOS) moved from Hold to Sell.
Universal Electronics (UEIC) moved from Buy to Hold.

Growth Portfolio

Adobe Systems (ADBE) is a software company that’s changing the world as an innovative leader in digital media and digital marketing. Investors may tune in to the February 12 webcast of management’s presentation at the Goldman Sachs Technology and Internet Conference 2020. ADBE is a large-cap aggressive growth stock. Adobe is expected to report $2.23 first quarter EPS, within a range of $2.17-$2.29, and $3.1 billion revenue, on the afternoon of March 12 (November year end). In each of the last four quarters, both revenue and EPS numbers came in higher than the consensus estimates. Analysts expect future EPS to increase by 24.8% and 18.5% in 2020 and 2021, respectively. The 2020 P/E is 31.1. The stock rose to a new all-time high in February, then fell about 20% to 306 with the market correction. Wait for the stock to stabilize before buying. Hold.

LGI Homes (LGIH) is the tenth largest residential home builder in America. The company is currently building homes, primarily for first-time home buyers, in 19 U.S. states from coast-to-coast and the District of Columbia. On March 4, LGI Homes announced 606 homes closed in February 2020, up from 393 home closings in February 2019, representing year-over-year growth of 54.2%. The Company ended the first two months of 2020 with 1,040 home closings, a 57.1% increase over 662 home closings during the first two months of 2019.

Last week’s interest rate cut by the Federal Reserve’s Open Market Committee caused increased investor interest in homebuilder and mortgage lender stocks because lower rates typically lead to an increase in homebuying activity. Earnings estimates have been consistently rising since LGIH joined our portfolios on December 3, and they jumped again last week. Profits are now expected to grow 13.8% in 2020, and the P/E is 9.0.

LGIH is a small-cap stock. In recent days, Wells Fargo raised their price target on LGIH to 102. The stock will probably settle down here in the low 70’s, where it traded in November and December. Hold.

Marathon Petroleum (MPC – yield 6.9%) is a leading integrated downstream energy company and the nation’s largest energy refiner, with 16 refineries, majority interest in a midstream company, 10,000 miles of oil pipelines and product sales in 11,700 retail stores. Japan’s Seven & I Holdings Co. has reportedly dropped its $22 billion bid to buy Marathon’s Speedway retail stores. (Read more from Reuters.)

There are four potential catalysts for share price appreciation in 2020:
• Higher margins as Marathon meets industry demand as most of the world’s ships and tankers have switched to ultra-low-sulfur diesel fuel.
• The Speedway retail store spinoff that’s targeted for early fourth quarter 2020.
• The strategic review of MPLX LP (MPLX), the midstream energy business for which Marathon is a majority owner, that’s due by the end of March.
• The appointment of a new CEO.

MPC is a greatly undervalued large-cap stock with a solid dividend yield. Earnings estimates came down last week, with EPS now expected to rise 17% in 2020. The P/E is 5.9. In other news, Saudi Arabia’s planned oil price reductions are expected to benefit refiners’ margins. Therefore, Marathon’s 2020 consensus earnings estimate could be higher again next week.

The stock fell with the market correction, and has not yet stabilized. I would normally move a stock with this type of bearish price chart to a Hold recommendation. But since there are so many near-term catalysts for MPC’s share price appreciation (itemized above), I believe that MPC will probably rebound far more quickly than many other stocks that are suffering with the market correction. Buy.

MKS Instruments (MKSI – yield 0.9%) – Strong Buy. (last update March 4)

Quanta Services (PWR – yield 0.6%) is a leading specialty infrastructure solutions provider serving the utility, energy and communication industries. Their infrastructure projects have meaningful exposure to highly predictable, largely non-discretionary spending across multiple end-markets, including 65% of revenue coming from regulated utility customers. The company achieved record annual revenues, operating income and backlog in 2019, and is pursuing a multi-year goal of increasing margins. Quanta Services was featured in the December monthly issue of Cabot Undervalued Stocks Advisor.

PWR is a mid-cap growth stock. Last week, two investment firms raised their price targets on PWR to 51 and 52. Full-year profits are expected to grow 14.4% and 10.5% in 2020 and 2021. The 2020 P/E is 8.7. PWR fell through all recent price support this week, so I’m moving my recommendation from Buy to Hold. Let it settle down before accumulating shares. Hold.

Tyson Foods (TSN – yield 2.8%) is the largest U.S. food company, with operations in 20 countries, and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair. Management is focused on the growing global need for protein, and fulfilling that need in a sustainable and environmentally conscious manner. Tyson Foods was featured in the December 10 and January issues of Cabot Undervalued Stocks Advisor.

In a March 5 Reuters article, Tyson Foods said it had already seen chicken shipments to China rise after Beijing made poultry eligible for tariff exemptions. A nearly five-year ban on U.S. poultry meat being imported into China was lifted in November as part of U.S.-China trade negotiations. Earnings estimates declined for several weeks in February due to this year’s coronavirus-related commerce disruption in China, and now they’re inching upwards again. Analysts are now forecasting EPS to increase 15.9% and 13.7% in 2020 and 2021 (September year end). The 2020 P/E is 9.6. It’s not yet time to buy low. The stock is going to have to find support and rest for a while before it rebounds. Hold.

Universal Electronics (UEIC) – Hold. (last update March 4)

Voya Financial (VOYA – yield 1.3%) – Hold. (last update March 4)

Growth & Income Portfolio

Broadcom (AVGO – yield 5.2%) is a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions that serve the world’s most successful companies. Broadcom was featured in the December 17 and January issues of Cabot Undervalued Stocks Advisor. Broadcom is expected to report $5.34 first quarter EPS, within a range of $4.71-$6.16, and $6.0 billion revenue, within a range of $5.6-$6.3 billion, on the afternoon of March 12. During the last five quarters, Broadcom beat consensus earnings estimates five times, but missed revenue estimates three times. Full year profits are expected to grow 9-10% per year in 2020 and 2021 (November year end). If the market is climbing in the latter days of this week, a strong earnings report could give AVGO an outsized price boost. The price action is not stable yet, so be careful. Hold.

Dow Inc. (DOW – yield 9.2%) is a commodity chemicals company with manufacturing facilities in 31 countries. Dow derives roughly 50% of profits from its polyethylene business. Management is focused on cost-cutting, debt repayment and returning cash to shareholders. The consensus earnings outlook came down a bit last week due to business disruptions associated with the coronavirus. Analysts expect full-year EPS of $3.46 and $4.16 in 2020 and 2021, reflecting (0.9%) and 20.2% annual growth. The P/E is 8.8. I would normally move a stock with this type of bearish price chart to a Hold recommendation, but the dividend yield is compelling. Income investors who buy now can lock in a 9.2% dividend yield, prior to the eventual share price rebound. Buy.

Goldman Sachs Group (GS – yield 2.8%) – Hold. (last update March 4)

GUESS?, Inc. (GES – yield 3.8%) is a global manufacturer of an iconic apparel brand, selling sexy GUESS and Marciano brand clothing and merchandise to Gen Z, Millennial and Heritage consumers through 1,743 stores worldwide, in over 100 countries. The company hasn’t announced its fourth quarter earnings release date yet, but it’s expected to be next week. Analysts expect Guess to report $1.12 EPS and $851.2 million revenue for the fourth quarter ended January 2020. GES is a greatly undervalued, aggressive growth, small-cap stock. This company has been delivering better earnings growth than all of its retail apparel peers. Analysts expect EPS to grow 39% and 21% in fiscal 2020 (January 2020 year end) and 2021. The fiscal 2021 P/E is 7.5. The stock has suffered alongside the market correction. I’m going to leave my recommendation as a Hold for a short while as the stock gets its bearings, but traders should be ready to jump in if a strong earnings report coincides with a rebound in the broader market. Hold.

Total S.A. (TOT – yield 8.3%) is a French multinational integrated energy company that produces and markets fuels, natural gas and low-carbon electricity, operating in over 130 countries. Fourth quarter results featured strong performance in all business segments. Recent news of Saudi Arabia’s plan to cut April oil prices by $4-$6 per barrel has harmed the stock market further this week, particularly oil-related stocks. As a result, investors can expect downward revisions in the oil majors’ earnings estimates for 2020. Analysts recently projected Total’s EPS to rise 21.0% in 2020, and the P/E is 6.6. My intention is to return TOT to a Buy recommendation after the price chart stabilizes. Dividend investors should consider locking in the abnormally large dividend yield. Hold.

Buy Low Opportunities Portfolio

Abercrombie & Fitch (ANF – yield 7.1%) is a specialty retailer of Abercrombie & Fitch (a.k.a. A&F), abercrombie kids, and Hollister brand apparel and accessories for men, women and kids. Current-year earnings estimates have come down due to the impact of the coronavirus on global shopping and tourism. Profits are now expected to rise 21.9% and 23.6% in fiscal 2020 (January 2021 year end) and 2021, and the 2020 P/E is 11.7. The debt ratio is quite low at 17.8%. Investors can read more about Abercrombie’s fourth quarter successes, ongoing remodeling plans and the impact of the coronavirus in this Reuters article.

In the wake of news of the virus’s impact on 2020 growth, four investment firms cut their price targets for ANF to a range of 15-27. The stock is incredibly cheap and the dividend yield is huge, but the price chart is bearish. It’s not time to buy ANF yet. The first price rebound will most likely be met with the stock subsequently retesting its lows, at which time I’ll move ANF to a Buy recommendation. Hold.

Alexion Pharmaceuticals (ALXN) is a biopharmaceutical company that researches and manufactures treatments of severe and rare health disorders. Current marketable drugs include Soliris, Ultomiris, Strensiq and Kanuma. The company is focused on three goals: converting patients from Soliris to Ultomiris, expanding indications for Ultomiris, and diversifying their portfolio to fuel continued long-term profit and revenue growth. Investors may listen to the webcast of management’s February 25 presentation at the SVB Leerink Global Healthcare Conference.

Notably, earnings estimates haven’t been affected by coronavirus problems in China. Consensus estimates project ALXN to grow EPS by 4.8% and 10.1% in 2020 and 2021. The corresponding P/Es are 7.8 and 7.1, which are extremely low for a biopharmaceutical stock. The company grew EPS 27%, 35% and 33% in 2017 through 2019, with earnings projections rising frequently each year. The stock has fallen through price support, so I’ve got to move my recommendation from Strong Buy to Hold until the price stabilizes. Hold.

Apple Inc. (AAPL – yield 1.1%) – It’s no secret that I love to buy low on shares of Apple during stock market corrections. That’s why I added the stock to the Buy Low Opportunities Portfolio on March 9, which was hopefully the bottom of this stock market correction. The stock had fallen 19.8% from its February closing high to its intraday low of 263 on March 9, yet the price chart still remained more constructive than those of most other stocks in the Dow Jones or S&P 500 indexes. As with the last time I bought low on AAPL during the November 2018 market correction, my intention is to hold the stock until it retraces recent highs, then to decide how to proceed based on the earnings outlook. (Even factoring in the coronavirus impact, the earnings outlook has decidedly improved since my most recent sale of the stock in September 2019.)

Apple continues to deliver revenue growth and new technologies. Their new 5G iPhone is due out in September 2020. Their services revenue is growing faster than analysts have estimated in recent quarters. Once mandatory quarantines hit Wuhan and other cities in China in January, it was obvious that any company that manufacturers products in China or sells products to Chinese consumers – such as Apple, Starbucks (SBUX) and General Motors (GM) – would take a temporary revenue and earnings hit until the virus dissipates and people return to their normal work and life routines. Sure enough, most major companies have made such announcements, guiding Wall Street down on near term profit and sales estimates. With those factors already incorporated into consensus estimates, Apple is still expected to grow EPS by 14.0% and 15.6% in 2020 and 2021 (September year end), with 2020 EPS growth projections coming down almost three percentage points in the last month due to the virus.

Apple routinely announces a dividend increase and a new share repurchase authorization in late April. The last quarterly dividend increase was 5.5%, from 73 cents to 77 cents, and the last two repurchase announcements amounted to $75 billion and $100 billion.

Investors love to say bad things about Apple. It apparently makes them feel quite superior, but their comments often make no sense whatsoever. Just yesterday, an investor told me that AAPL is a “no-growth stock”. (Not a Cabot investor!) I politely told him about the earnings growth, to which he replied that “running with the herd isn’t a strategy”. Huh? First of all, if there were a herd buying AAPL, the stock wouldn’t have fallen 20%. Second, individual investors are constantly beating up on AAPL, as I already mentioned, with the serious implication that the company is going out of business quite soon. These people are idiots.

If Apple were on the verge of bankruptcy, they wouldn’t have the cash available to implement $100 billion share repurchase plans.

If Apple were on the verge of bankruptcy, they would stop spending about $13.5 billion per year on dividend payments to shareholders.

If Apple were on the verge of bankruptcy, they would first experience several years of net losses. Instead, Apple chalked up earnings per share (EPS) of $11.89 in 2019, and analysts are forecasting $13.54 and $15.67 in 2020 and 2021.

If Apple were on the verge of bankruptcy, that would mean that their products and services were no longer in demand. Instead, annual revenue is expected to grow from $260.2 billion in 2019 to $279.9 billion in 2020, and then $309.6 billion in 2021.

These are consensus earnings and revenues estimates from approximately three dozen Wall Street CFAs who live and breathe Apple Inc.: the management team, the products and services, the balance sheet, the industry trends and the customers. And they also analyze the impacts of global economies on the company. So when you hear a loudmouth scornfully trashing Apple, you’ve got to ask yourself, “What’s really going on here?” And the answer is unfortunately that the big talker would rather sound like a know-it-all than earn capital gains.

I’m not expecting a rapid rebound in the share price, and we could easily see AAPL bounce at 260 again before it begins to recover. But all-in-all, I like the current price, and I’m certainly willing to wait a few short months for the rebound toward 325. If you’re wondering how AAPL will get back to 325, remember the company’s focus on share buybacks. I’m relatively certain that Tim Cook and Apple management see the same buying opportunity in their stock that you and I are staring at today. Strong Buy.

Baker Hughes Company (BKR – yield 5.5%) – Hold. (last update March 4)

Designer Brands Inc. (DBI – yield 8.2%) is one of North America’s largest designers, producers and retailers of footwear and accessories. The company operates DSW Warehouse, The Shoe Company and Shoe Warehouse stores with nearly 1,000 locations in 44 U.S. states and Canada; and Camuto Group. This spring, Designer Brands will debit the JLO JENNIFER LOPEZ collection, a line of footwear and handbags that will be sold exclusively at DSW Designer Shoe Warehouse stores in the United States and Canada, and online at DSW.com.

Fourth quarter 2019 results will be reported on the morning of March 17 (January year end). Analysts expect ($0.06) EPS, within a range of ($0.08)-($0.05), and $841.6 million revenue, within a range of $827-$857 million. Recall that management made some bad decisions regarding tariffs that affected their third quarter results, and therefore residual problems could materialize in the fourth quarter report. Generally, though, the company is thriving and management has an excellent growth plan.

Notably, earnings estimates haven’t been affected by coronavirus problems in China. Consensus earnings estimates project EPS rising 19.7% in fiscal 2020 (January 2021 year end). The 2020 P/E is low at 6.8. In February, CEO Roger Rawlins reaffirmed his previously stated full year 2019 earnings guidance, and the stock reacted well. DBI is an undervalued, small-cap stock with a huge dividend yield. The stock is suffering from the market correction. As a result, the dividend yield is huge. (When share prices fall, dividend yields rise on new purchases.) Dividend investors should buy now. Buy.

General Motors (GM – yield 6.0%) – GM’s 2020 new vehicle launches, expense reductions, returns of capital, and their commitment to an all-electric future are driving bullish sentiment on Wall Street. Management is focused on high margin pickups in the North American market, battery electric vehicles (BEVs), and lowering the cost of batteries. The company plans to bring 13 electric vehicles to market over the next five years. Investors are welcome to access the webcast replay of GM’s March 4 EV Day event. GM was featured in the December 31, 2019 issue and the February issue of Cabot Undervalued Stocks Advisor.

Notably, earnings estimates haven’t been affected by coronavirus-related auto production problems in China. Instead, they’ve been trickling upward over the last five weeks. Full-year 2020 profits are expected to rise 25.5%. The 2020 P/E is 4.1. Compare those numbers to those of another famous maker of electric vehicles, Tesla (TSLA). Hmmm, “one of these things is not like the other.” The share price suffered during the market correction. The stock will need to stabilize and rest for a while before attempting a successful rebound. Hold.

Mercury General Group (MCY – yield 6.3%) – Hold. (last update March 4)

Special Situation AND MOVIE STAR PORTFOLIO

Amazon.com (AMZN) — Amazon’s innovations and forays into new industries are seriously disrupting established global businesses, including freight companies, retailers, entertainment and technology companies. The company is experiencing growth in Prime membership, Prime Video viewer hours, revenue and free cash flow. Amazon is reportedly offering its cashierless retail checkout service to other retailers. The service might be named Just Walk Out, and several retailers have already signed deals with Amazon. The customer will swipe their credit card upon entry into a store. As they lift products off shelves, the bar codes are fed into the customer’s virtual shopping cart. The customer completes the transaction by exiting the store, without having to stand in lines or do a self-checkout.

Earnings projections have not been harmed by the coronavirus outbreak. Analysts expect EPS to grow 25% and 40% in 2020 and 2021. The P/E is 66. AMZN rose to a new high in February, then dropped down to January support levels with the market correction. This was actually a bullish chart pattern in comparison to the vast majority of stocks. I expect AMZN to recover from this market correction far more quickly than most stocks. Strong Buy.

Equitable Holdings (EQH – yield 3.6%) – Buy. (last update March 4)

Netflix (NFLX) – Strong Buy. (last update March 4)
NVIDIA (NVDA – yield 0.2%) – Strong Buy. (last update March 4)

VanEck Vectors Oil Refiners ETF (CRAK) – Hold. (last update March 4)